Common use of TRANSFER AND SUCCESSION Clause in Contracts

TRANSFER AND SUCCESSION. The Optionee may not sell, give, transfer, encumber or assign, or use as collateral, any of the Optionee's rights under this Agreement or the Plan other than by will or the laws of decent and distribution. If an Option is exercisable after the Optionee's death, the personal representative of the Optionee 5 estate shall have the right to exercise such options subject to Section 4. Each and all of the provisions of this Agreement are binding upon and inure to the benefit of the Company and the Optionee and their heirs, successors and assigns.